The oil is about 1,000 miles old and the oil level was fine. Is this just condensation? I usually try and let my truck warm up in the morning for 10mins but I only have a 5min ride to work so the truck sometimes does not get up to operating temp because I shut her off. I'm just a little worried because I have never seen this much junk on the top of an oil cap that didn't have blown hgs. Trunk runs mint, doesn't blow smoke or show any signs of an hg issue.
Dan

I've seen this happen during winter months when you only drive short distances one way then park letting it cool off. The engine doesn't get hot enough to burn the moisture out. VW bugs's were really bad about it. You might also want to check your PCV system. Change out the oil and take it on a good drive to get it hot to burn off any remaning moisture.

Yep, water in the oil and it could be condensation from not getting the engine hot enough to evaporate the water away. Watch your water level in the reservoir. If it is going down then you may have a blown head gasket.

I really suspect your engine isn't getting hot enough. You may have to use a cooling system heater in the winter. You can put one in the bottom radiator hose and keep it pluged in over night.

It could be condensation, thus water in your oil.
Normally when you have milky oil like that, it means you have a good sized amount of coolant in your oil, normally from a bad head gasket.
Change your oil. Like now. Use a quality oil, and yes motorcraft is good stuff.

If this continues, even in warmer weather....You need to get your head gasket changed!

Have you had any over heating problems in the past? Just asking because..
My stepfather bought a 99 cadillac with the northstar engine, it ran hot, he put in regular antifreeze, instead of dex cool, it ran hot again, and his oil looks just like that. He has a cracked head gasket. Could've been cracked when he bought the car. I changed his oil and more than 3 gallons of the milky stuff came out! I had to add 6 or 7 quarts of oil and 2 gallons of antifreeze. The car still runs, but not like it's supposed to. When you do your oil change keep track of how much of the "milkshake" actually comes out. My advice, is to have an extra drain pan ready!

change the oil and oil filter. run it for about 5 min or so. let it cool down and change the oil and filter a second time. by doing this u should get most of the crap out and have fresh oil. run it for a day or 2 after the second oil change and check to see if it happens again. if it does, chances are u have a blown head gasket. also check ur collant level. that would be another sign that the oil and collant may be making contact with one another.